On August 28, the European Banking Authority (EBA) published a consultation paper on amendments to the Commission Implementing Regulation (Implementing Regulation) containing implementing technical standards on supervisory reporting (ITS), relating to the new securitizations framework, which came into force in January.
Continue Reading EBA Publishes Consultation Paper on Amendments to the CRR Supervisory Reporting ITS Relating to Securitizations
John Ahern
FCA Publishes Findings From Its Review of Automated Investment Services
On May 21, the UK Financial Conduct Authority (FCA) published a webpage on its findings from its review of firms offering automated investment services. The aim of the review was to monitor developments in financial innovation to help inform the FCA’s regulatory strategy, as set out in its 2017/18 Business Plan.
The FCA reviewed the activities of seven firms offering automated online discretionary management (ODIM), where a firm has the responsibility of investing on behalf of a client, within agreed parameters, on an ongoing basis. The FCA also reviewed three firms providing retail investment advice exclusively through automated channels (auto-advice), where customers do not interact with human financial advisers.
Continue Reading FCA Publishes Findings From Its Review of Automated Investment Services
UK Data Protection Bill Receives Royal Assent
In advance of the EU’s General Data Protection Regulation (GDPR) going into effect on May 25, the UK’s Data Protection Bill received Royal Assent on May 23, to become the Data Protection Act 2018 (DPA 2018).
The DPA 2018 is designed to:
Continue Reading UK Data Protection Bill Receives Royal Assent
EC Legislative Proposals on Cross-Border Distribution of Collective Investment Funds
On March 12, as part of the development of the EU’s Capital Markets Union (CMU), the European Commission (EC) published two legislative proposals in relation to the cross-border distribution of collective investment funds within the EU:
- a Regulation (Proposed Regulation) facilitating the above and amending existing Regulations on European venture capital funds and European social entrepreneurship funds; and
- a Directive (Proposed Directive) amending the Undertakings for Collective Investment in Transferable Securities (UCITS) IV Directive and the Alternative Investment Fund Managers Directive (AIFMD).